UK: S&N adds Greek brewer to growing shopping list

Following recent deals in India and Finland, Scottish & Newcastle (S&N) has now announced it intends in acquire a Greek brewery business.

In a statement today S&N said it has agreed in principle to enter into partnership with the Boutari Group, a Greek listed beverage business, involving the purchase of a 46% stake in their brewing subsidiary Mythos Breweries SA.

The cash consideration for this investment is £16m.

S&N will have joint management control and representation on the Board of the company. Mythos Breweries S.A. operates nationally in Greece and had a market share in 2001 of 11%.

The other major shareholder in Mythos Breweries SA with 46% of the equity is John Boutari & Son Holding SA, a company listed on the Athens Stock Exchange.

The transaction, which is subject to regulatory approval, is expected to be completed in August 2002.

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